A Question in a Market Survey Asks for a Respondent's

question 176

Multiple Choice

A question in a market survey asks for a respondent's favourite car colour. Which measure of central tendency should be used to summarize this question?

• A) Mode
• B) Median
• C) Mean
• D) Geometric mean
• E) Weighted mean

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Definitions:

Growth Strategy

Planning and actions aimed at increasing the size, revenue, or market share of an organization.

Market Segments

Specific groups of potential customers in the broader market that share similar characteristics and needs.

Market Development

A growth strategy where a company seeks to sell its existing products into new markets.

Strategic Planning Process

A systematic approach to defining an organization's strategy or direction and allocating its resources towards the pursuit of this strategy.